Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Page of 4920
Press 'Enter' after typing page number.
61 to 80 of 98394 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Failure to issue Form-4 under the Income Declaration Scheme, 2016 despite payment of tax resulted in the disclosed income being again assessed in A.Y. 2017-18, causing double taxation. The court held that the self-assessment tax paid pursuant to the deeming fiction under Section 197(b) (treating the declaration as rejected for non-payment of the third instalment) was inextricably linked to the same undisclosed income and, consistent with CBDT Circular No. 25/2016 and the beneficial object of the revival provisions, had to be credited as payment towards the Scheme. Authorities were directed to treat the self-assessment tax as the third instalment, issue Form-4, and modify the A.Y. 2017-18 assessment by excluding the disclosed income and recomputing demand accordingly. - HC
Failure to issue Form-4 under the Income Declaration Scheme, 2016 despite payment of tax resulted in the disclosed income being again assessed in A.Y. 2017-18, causing double taxation. The court held that the self-assessment tax paid pursuant to the deeming fiction under Section 197(b) (treating the declaration as rejected for non-payment of the third instalment) was inextricably linked to the same undisclosed income and, consistent with CBDT Circular No. 25/2016 and the beneficial object of the revival provisions, had to be credited as payment towards the Scheme. Authorities were directed to treat the self-assessment tax as the third instalment, issue Form-4, and modify the A.Y. 2017-18 assessment by excluding the disclosed income and recomputing demand accordingly. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4920 
